Endogenous differential information
| Autor: | Sebastián Cea-Echenique, Juan Pablo Torres-Martínez, Carlos Hervés-Beloso |
|---|---|
| Rok vydání: | 2015 |
| Předmět: |
Incomplete markets
Economics and Econometrics 05 social sciences 5311.06 Estudio de Mercado Restricted participation Microeconomics Differential information Rational expectations equilibrium 0502 economics and business 5302 Econometría Economics Endogenous differential information 050206 economic theory 050205 econometrics Public finance |
| Zdroj: | GREDOS. Repositorio Institucional de la Universidad de Salamanca instname |
| Popis: | [ES] We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption tastes, allowing discontinuities in preferences and choice sets. Therefore, equilibrium may cease to exist. However, internalizing the compatibility between information and consumption through preferences, and without requiring either financial survival assumptions or fully revealing prices, equilibrium existence can be ensured. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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